Interest rates: How will the increase affect you?
Scottish homeowners and savers may be impacted by the change in different ways.
In a widely anticipated move, the Bank of England has raised the base rate of lending to a nine-year high of 0.75%.
Following the financial crisis, the bank brought down the UK's interest rate to an emergency low of 0.5%, where it has broadly stayed.
It is now looking to gradually raise the rate in the coming years, with experts predicting there could be a rate of 1.5% by 2020.